Is building robotic arm possible for a personal student project?

Sure, why not? Give it a try.

Nah, way too complicated and expensive.

I am an advance diploma student and planing to build a robotic arm as my personal student project.

Here's the idea: the arm will move following the motion of the user arm, that it, moving in 4 directions, grasp and wave as controller does. The user maybe wearing something like a glove to control the arm.

However the problem is I have no any experience in robotic. Therefore i like to ask your opinion. Will this too beyond for a newbie in robotic? and will building this robot too expensive?

I believe it is too advanced a project for a beginner. Start small and grow at a steady pace. This project is not for beginners. Here is a good starting project. Make a device that demonstrates 6 degrees of motion (this is a step toward your robot arm.

Two motions are side to side, two more are forward and back, two more are up and down. Make a mechanical device that does all of this upon command with movement via stepper motors.

This is an excellent first project. You can add a robotic 'hand' when you get this done. It is quite complicated, but a very rewarding exercise in brain matter.

One last thing: Get this fat paperback: Robot Bonanza. (I forget the author). Excellent source of robotic know-how for the amature. Oh, one more thing, Hanck. Like Bill Marsden said, look for robotic groups in your area. There is nothing like group competition to peak your interest and hence lead you onward in knowledge and experience.